NNT Developers IPO

Strengths · 8

• 01Revenue from operations grew from Rs 144.30 crore in FY2024 to Rs 223.66 crore in FY2026.
• 02EBITDA rose from Rs 17.84 crore in FY2024 to Rs 32.93 crore in FY2026, and the EBITDA margin was 14.72% in FY2026.
• 03Profit after tax was Rs 21.57 crore in FY2026 against Rs 9.44 crore in FY2024, a PAT margin of 9.64% in FY2026.
• 04Return on capital employed was 33.73% in FY2026 and the debt-equity ratio was 0.39 times.
• 05The revenue mix is spread over several verticals: buildings 40.33%, roads 30.73%, water supply 12.18% and flood control 9.93% in FY2026.
• 06Government customers fell from 93.06% of revenue in FY2024 to 58.00% in FY2026, so private and institutional work is growing.
• 07Promoters and the promoter group hold 90.00% before the issue, and the promoters' weighted average acquisition price in the last year is Nil because it came only from a bonus issue.
• 08The statutory auditors made no qualification or adverse remark on the financial statements.

Risks · 10

• 01Top 5 customers gave 65.70% of FY2026 revenue and the largest customer alone gave 22.12%.
• 02Government projects gave 58.00% of FY2026 revenue, so delays in approvals or payments can hurt cash flows.
• 03Net cash from operating activities was negative at Rs 1.86 crore in FY2026 and Rs 4.67 crore in FY2025 even though the company reported profit.
• 04Trade receivables were Rs 93.27 crore on 31 March 2026, which is about 42% of FY2026 revenue from operations.
• 05Operations are concentrated in Bihar and Madhya Pradesh.
• 06Total borrowings rose from Rs 26.15 crore in FY2025 to Rs 38.30 crore in FY2026, and lenders hold security over certain properties, movable assets and book debts.
• 07Railway revenue fell from Rs 61.27 crore in FY2024 to Rs 14.86 crore in FY2026, which shows how quickly the order mix can change.
• 08Rs 75.00 crore of the net proceeds is for working capital and Rs 22.00 crore is for repaying working capital loans, while the general corporate purposes amount is not yet fixed.
• 09The company earlier faced a BCCL tender-related restriction, which has since been removed. Any future debarment could limit bidding.
• 10There are 10 regulatory proceedings filed by the company, one material civil case and tax cases against directors and promoters, and trademark applications are still pending, one under objection.

NNT Developers Limited is an infrastructure construction and EPC company based in Patna, Bihar. It was incorporated on 28 September 2017. The company executes, renovates and maintains civil engineering projects for government departments, public sector undertakings and other institutional clients.

It works in seven verticals: road construction, railway infrastructure, river protection and flood control, building construction, water supply and irrigation, agricultural market infrastructure, and tourism and recreational infrastructure. In FY2026, building construction gave 40.33% of revenue and road construction gave 30.73%. Railway work, which was 42.46% of revenue in FY2024, fell to 6.64% in FY2026.

Projects are won through tender-based bidding and executed under item-rate, EPC, independent and subcontract arrangements. Government customers gave 58.00% of revenue in FY2026, down from 93.06% in FY2024. Operations are mainly in Bihar, with projects also in Madhya Pradesh, West Bengal, Jharkhand, Karnataka, Uttarakhand and Nepal.

The company owns construction machinery such as soil compactors, rollers, tractors, self-loading concrete mixers, JCB and Hydra units, and hires more equipment as projects need it. It holds ISO 9001:2015, ISO 14001:2015, ISO 27001:2022, ISO 30409:2016 and ISO 45001:2018 certifications. The promoters are Suyash Kumar, Jitendra Singh and Shrawan Singh, each with over 17 years of experience in the sector.

The industry

The industry report by Marqis says India's public capital expenditure rose from about Rs 2 lakh crore in FY2015 to Rs 12.2 lakh crore in FY2027. It puts the global infrastructure market at about USD 3,785.96 billion in 2025, growing at a CAGR of about 7.22% to USD 8,154.70 billion by 2036. Jal Jeevan Mission 2.0 is extended up to December 2028 with an outlay of Rs 8.69 lakh crore, which supports water and irrigation work. Civil and EPC contractors form the execution segment of this sector, and most of their work comes through public tenders.

Customer concentration: Top 5 customers gave 65.7% of FY2026 revenue (83.4% in FY2025 and 85% in FY2024).